Waiting to Buy EUR/USD Higher or Lower...Not Here
There is a strong support zone below the current EURUSD level. The zone is defined by the 2013 open (which ranges from 13180 to 13200 depending on what time is used for the open), the 50% retracement of the rally from the November low (13188) and where the decline from the 2/1 high would consist of 2 equal legs (13161). Several trendlines are also of interest at slightly lower levels.
Barring a sustained break above 13450, respect potential for a final dip below 13305 (which could complete a double zigzag) before the larger bull trend resumes.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.